https://www.taxtmi.com/caselaws?id=103057 A deposit of sale proceeds into a joint account in which the non-resident beneficiary can withdraw the amount may be treated as payment to that non-resident under section 9(1)(a) of the Foreign Exchange Regulation Act, 1973. The Madras HC held that the account arrangement did not avoid contravention because the proceeds could still be regarded as paid to the non-resident, and the use of that channel bypassed the regular foreign exchange route. The plea that the breach was merely technical was rejected, and there was no basis for reducing the penalty. en-us Mon, 12 Feb 1996 00:00:00 +0530 Mon, 20 Feb 2012 15:28:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103057 A deposit of sale proceeds into a joint account in which the non-resident beneficiary can withdraw the amount may be treated as payment to that non-resident under section 9(1)(a) of the Foreign Exchange Regulation Act, 1973. The Madras HC held that the account arrangement did not avoid contravention because the proceeds could still be regarded as paid to the non-resident, and the use of that channel bypassed the regular foreign exchange route. The plea that the breach was merely technical was rejected, and there was no basis for reducing the penalty. Case-Laws Companies Law Mon, 12 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103057